1 EUR = 4,4955

1 USD = 3,9871


FIAR Special Edition, May 19, 2016
FIAR 2016
Prof. Karel Van HULLE: Solvency II is the most important change in insurance regulation in 30 years
by Vlad BOLDIJAR, 2016-05-18
"Many insurers haven't changed their way of work. Four years ago, many believed that we must distance ourselves from Solvency II and return to Solvency I, because the industry survived the financial crisis. Of course, they said that because the numbers related to the solvency margin don't say anything about their capital. Many insurers were broke, but they didn't know it because they had a solvency margin of 200%. Thus, we will need a very long transition period to Solvency II", Prof. Karel Van HULLE said during FIAR 2016.
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Kurt KARL: 70% of the global natural catastrophe losses in the last decade were uninsured
by Andreea RADU, 2016-05-17
In the last 10 years, the global natural catastrophe losses totaled USD 1.7 trillion, out of which 70% were uninsured, Kurt KARL, Chief Economist, SWISS Re, declared during the Nat Cat & Reinsurance Conference at FIAR 2016.
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Bernard RETALI: The insurance companies are really at the very beginning of the collaborative trend
by Adina TUDOR, 2016-05-18
"If we compare traditional business models to the new collaborative business models, there are visible differences. In a traditional business you need a lot of money, a lot of capital to start, while collaborative implies trust", Bernard RETALI, President of Europe, Middle East & Africa, LIMRA, explained during the Life and Health Insurance Conference at FIAR 2016.
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Ted GREGORY: We must understand Millennials and adapt to their needs
by Andreea RADU, 2016-05-17
Technology has an impact on the global insurance market and on the relationship between insurers and their clients. Thus, the tendency is that of digitalization, especially as far as Millennials are concerned, Ted GREGORY, Operations Manager, Property Claim Services (PCS) explained.
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Jens KAWELKE: Requirements Engineering is always a precondition for a successful IT project
by Adina TUDOR, 2016-05-17
"Requirements engineering represents a systematic approach to determine, document, validate and manage the requirements of the system", Jens KAWELKE, Competence Unit Manager Requirements Engineering, Financial Services, NTT DATA Deutschland, explained during the Insurance Market Trends Conference at FIAR 2016.
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Kurt KARL, SWISS Re: Global P&C premiums expected to rise by about 3% in 2016
by Mihai CRACEA, 2016-05-17
Global primary P&C insurance premiums are expected to advance by about 3% this year and the next, after, in USD terms, premiums declined last year due to exchange rate movement, said Kurt KARL, SWISS Re's Chief Economist, at the International Insurance Reinsurance Forum, which is currently taking place in Brasov, Romania, between the 15th and 19th of May.
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Paul CARTY: We have to remind ourselves all the time that consumers pay for everything
by Adina TUDOR, 2016-05-16
"We are intermediaries, we act for two parties. We are not a protected species: people choose to deal with an intermediary, they do not have to deal with an intermediary and this is an important aspect", Paul CARTY, Chairman of the EU Committee, BIPAR - The European Federation of Insurance Intermediaries, pointed out during the Brokers' Conference at FIAR 2016.
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Prof. Karel Van HULLE: "Always keep in mind that nobody outside the insurance area has the slightest clue about what insurance is"
by Adina TUDOR, 2016-05-16
"What I've learned through my years at the EU Commission is that insurance is complex and that normal human beings who don't work in this domain do not know anything about insurance, they need help to understand it. We need intermediaries", explained Prof. Karel Van HULLE, KU Leuven and Goethe University Frankfurt, Member of the IRSG of EIOPA, Member of the PIOB and former Head of Unit for Insurance and Pensions at the European Commission, at FIAR 2016. "Always keep in mind that nobody outside the insurance area has the slightest clue about what insurance is."
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What do health insurers need from a modern software platform?
by Adina TUDOR, 2016-05-18
"When it comes to software platforms, health insurers need a flexible solution that integrates into the existing application architecture and that offers them speed to market, which is a key point for innovation. To obtain it, systems must be fully configurable without any IT development", Olivier PERRARD, International Sales Executive, CEGEDIM, said during the Life and Health Insurance Conference at FIAR 2016.
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How can "big data" can help life insurers?
by Adina TUDOR, 2016-05-18
"Our research shows that within the first 5 years, on average 35% of life insurance policies typically lapse and 20% of life insurance policies are cancelled due to unpaid premiums. More than 50% of contracts lapse", explained Richard KOLARIK, Head of Sales, LIMEWOOD, during the Life and Health Insurance Conference at FIAR 2016.
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CCN introduced the i-Report Claims aggregator for insurance
by Adina TUDOR, 2016-05-18
Whether it's buying the right insurance product or finding the best credit card, people want an easy way to understand and compare financial products online. But, when it comes to submitting an insurance claim, 80% of people find it difficult, time-consuming and complicated, Cees WERFF, President and CEO, Claims Corporation Network explained during the Motor Insurance Conference at FIAR 2016.
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AIR Worldwide: The earthquake risk remains high in Vrancea area
by Andreea RADU, 2016-05-19
In the Vrancea area - Romania, the earthquake risks remains high, since no mjor earthquake has been reported in the region for a long time, said Shane LATCHMAN, CCM, Assistant Vice President, Research and Client Groups, AIR Worldwide, UK, at the NatCat &Reinsurance Conference taking place at FIAR 2016.
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C Consulting: Solvency II has raised the role of Reinsurance by Vlad BOLDIJAR, 2016-05-16
"Solvency II has raised the role of reinsurance. Practically, an auditable software system is more than necessary", said Sandro FERRARI, Director, C Consulting during the Solvency II and Risk Management Workshop.
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How do mutual societies work in France?
by Adina TUDOR, 2016-05-17
"In France, Federation nationale de la Mutualite Francaise (FNMF) represents 426 mutual societies which provide health and provident insurance to their members. In total, over 38 million people are covered by mutual societies", Louisa RENOUX, Head of Risk Management, Federation nationale de la Mutualite Francaise (FNMF) explained during the Insurance Market Trends Conference at FIAR 2016.
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Misu NEGRITOIU: The predictability on the Romanian insurance market has grown
by Andreea RADU, 2016-05-17
"There are no more arguments for increasing the MTPL insurance premiums and we have the premises for a sustainable development. This makes us affirm that the predictability on the Romanian insurance market grew", Misu NEGRITOIU, President of ASF, declared during the "Insurance Market Trends" Conference at FIAR 2016.
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Marius VORNICEANU: The supervisory authority, the brokers and the insurers must work together to increase the quality of services
by Andreea RADU, 2016-05-16
The success of regaining the consumers' trust represents a complex process. The supervisory authority, the brokerage companies and the insurers must work together to increase the quality of services, Marius VORNICEANU, Vicepresident - Insurance Sector, ASF - The Financial Supervisory Authority, declared during the Brokers' Conference at FIAR 2016.
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AUDATEX survey: What challenges did the top management of the insurance industry in Romania identify?
by Andreea RADU, 2016-05-19
75% of the top management of the insurance and brokerage companies in Romania identified the interconnectivity generated by technology as being the most important challenge in the near future, according to an AUDATEX survey conducted with the help of XPRIMM.
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Is direct compensation a viable solution for the Romanian insurance market?
by Andreea RADU, 2016-05-19
The new MTPL law in Romania brings a lot of changes on the market. One of these is the introduction of a direct compensation system between companies selling MTPL policies. The effects of this change were debated during the XPRIMM Circle of Debates organized at the Motor Insurance Conference taking place at FIAR 2016.
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How can penetration be increased on the property insurance segment?
by Vlad BOLDIJAR, 2016-05-18
The penetration degree of household insurance is low not only in Romania, but in the entire CEE region. How can this indicator be increased, given that the entire CEE is exposed to multiple catastrophe risks? What steps should the re/insurers take, knowing that a natural disaster can produce losses with economic consequences that are hard to imagine? These are the questions asked during the XPRIMM Circle of Debates organized during the "Nat Cat and Reinsurance" Conference at FIAR 2016, and to which 6 insurance specialists answered.
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Bogdan ANDRIESCU: IDD regulations will cover 98% of the mediation market
by Andreea RADU, 2016-05-16
Unlike IMD (Insurance Mediation Directive), IDD's (Insurance Distribution Directive) rules apply to all insurance intermediaries and aim to create equitable market conditions for all those that sell insurance products - intermediaries and insurers alike, Bogdan ANDRIESCU, President of UNSICAR - National Union of the Insurance Brokerage and Consultancy Companies in Romania, during the Brokers' Conference at FIAR 2016.
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James GRINDLEY: Brokers need to be more involved in the claims handling
by Adina TUDOR, 2016-05-16
Transparency is a key word of the Insurance Distribution Directive (IDD). "Transparency in insurance is absolutely critical for the Romanian market and, in fact, for any market. Being transparent with clients is absolutely critical", James GRINDLEY, General Manager and President of the Board, CERTASIG, explained during the Brokers' Conference taking place at FIAR 2016.
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The latest issue of XPRIMM Insurance Report, launched at FIAR 2016
by Adina TUDOR, 2016-05-17
The latest issue of XPRIMM Insurance Report, the bi-annual specialized magazine which includes the statistical overview of the 32 insurance markets of the CEE, SEE and CIS regions, was officially launched at The International Insurance-Reinsurance Forum - FIAR 2016.
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UNSAR
The National Association of Insurance and Reinsurance Companies from Romania

Association for Promoting Insurance
UNSICAR
The National Union of Insurance Brokerage and Consultancy Societies from Romania

Chartered Financial Analyst Romania




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